Taseko Provides Prosperity Project Update

July 28, 2009

July 28, 2009, Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE AMEX: TGB) (“Taseko” or the “Company”) is pleased to provide the following update on its Prosperity Gold-Copper project.

The Prosperity Project is currently undergoing both a provincial and federal Environmental Assessment process. The Government of British Columbia process, being conducted by the Provincial Environmental Assessment Office, is expected to conclude by the end of October 2009. The Government of Canada process, a Federal Review Panel coordinated by the Canadian Environmental Assessment Agency, is expected to be completed in early 2010.

Russell Hallbauer, President and CEO of Taseko says, “Taseko has put forward an innovative and comprehensive fish and fish habitat management plan to compensate for the impact the project will have on the 111 hectare Fish Lake. Last week, on July 22, 2009, the Canadian Government’s Federal Department of Fisheries and Oceans (DFO) provided clarification on its evaluation of the compensation plan, advising that DFO will be guided by the fisheries objectives set by the Province of British Columbia, which is responsible for managing the fisheries resource affected by the development project. This clarification is an important step and consistent with the efforts both governments have been making over many years to achieve greater harmonization on such matters.

With both regulatory review processes continuing to move forward, the Company anticipates being in a position to make a decision on building the project in March of 2010.”

Several First Nations, including those in closest proximity to the project, are participating fully in the Federal Review process.

Those interested in tracking the progress of the regulatory process can do so at the website for the Canadian Environmental Assessment Agency Registry for the Prosperity Gold-Copper Mine Project: http://www.ceaa-acee.gc.ca/050/details-eng.cfm?cear_id=44811 where all federal-related documents and information are posted and at the Environmental Assessment Office website http://a100.gov.bc.ca/appsdata/epic/html/deploy/epic_project_home_6.html for all documents and information relating to the provincial review process.

For further information on Taseko, please see the Company’s website www.tasekomines.com or contact:

Brian Bergot, Investor Relations - 778-373-4545, toll free 1-800-667-2114

Russell Hallbauer
President and CEO

No regulatory authority has approved or disapproved of the information contained in this news release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:

  • uncertainties and costs related to the Company’s exploration and development activities, such as those associated with continuity of mineralization or determining whether mineral resources or reserves exist on a property;
  • uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and future cash and total costs of production and milling;
  • uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project;
  • uncertainties related to our ability to complete the mill upgrade on time estimated and at the scheduled cost;
  • uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition;
  • uncertainties related to unexpected or ongoing judicial or regulatory proceedings;
  • changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations, particularly laws, regulations and policies;
  • changes in general economic conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing;
  • the effects of forward selling instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk;
  • the risk of inadequate insurance or inability to obtain insurance to cover mining risks;
  • the risk of loss of key employees; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates;
  • environmental issues and liabilities associated with mining including processing and stock piling ore; and
  • labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.

For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com.

Back to the News Releases page

.